What we have is wishful thinking from a segment of Europeans who have long harbored a streak of anti-Americanism.
The same bunch whose predecessors cheered on the USSR are now hoping China will finally dislodge those filthy, arrogant Americans from their perch.
First of all, even if China rises to prominence, the EU will fade into irrelevance long before the US. A tired, rapidly aging continent lacking any significant economic innovation or dynamism, is now discovering renewing their low birth rate depleted supply of workers with replacements from Africa and the Middle East isn't working out as well as hoped. Ask the CEOs of Mercedes or BMW.
Who depends on who?
3% of China's GDP and their primary source of hard foreign currency (vs the heavily manipulated yuan, discredited, with no demand outside of China) comes
from exports to the US.
0.5% of US GDP, just 1/6th, is reliant on China.
Which is why concessions, including the ongoing crackdowns on drugs and precursors the US has demanded, will continue by China (as India will concede on funding the war in Ukraine via Russia oil purchases) without any doubt, no matter how they posture or attempt to present a unified bloc against the US tilting trade imbalances back towards something closer to parity.
So for now. and the foreseeable future, dreams of the US being "cut down to size" will have to be put on hold.